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- form of opinion you would consider the most appropriate

- form of opinion you would consider the most appropriate

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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question 17

You are the auditor of MLS Ltd, an educational institution. For the financial year ended 30 June 2019, MLS disclosed in its financial statements that it would discontinue the manufacturing of half of its current products in the next 12 months. Management’s reasons for the decision were decreases in consumer demands and changes in environmental laws. Consequently, revenue is budgeted to decrease by $60 million in the next financial year. Required: Select which form of opinion you would consider the most appropriate to use. Give reasons.
Transcribed Image Text:You are the auditor of MLS Ltd, an educational institution. For the financial year ended 30 June 2019, MLS disclosed in its financial statements that it would discontinue the manufacturing of half of its current products in the next 12 months. Management’s reasons for the decision were decreases in consumer demands and changes in environmental laws. Consequently, revenue is budgeted to decrease by $60 million in the next financial year. Required: Select which form of opinion you would consider the most appropriate to use. Give reasons.
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